Do you want to see the market? Let’s look at some specific price ranges in a few local counties. I know many readers are outside of Sacramento, so I’m curious if these trends are anything like your market. Overall inventory declined this past month, which is common during Spring. Properties are still selling quickly, though definitely not as fast as last year.
Quick: I suggest scrolling down to your primary county and taking a minute to digest the latest trends. Or check out my video with commentary here or below.
Sacramento County:
Talking Point: Inventory is very thin in Sacramento County right now and properties under $300,000 are tending to sell more quickly than higher-priced listings. Remember too there are many more listings and sales in Sacramento County each month compared to many surrounding counties.
Placer County:
Talking Point: Inventory is a tad higher in Placer County compared to Sacramento County, though it is still very low. There really isn’t much for sale under $300,000 when looking at the entire market. High dollar homes are definitely taking longer to sell than the lower half of the market (which is normal).
Sacramento Region:
Talking Point: The higher the price, the longer it took to sell last month (generally speaking). Listings below $200,000 are definitely shrinking. Have you noticed how the quality of homes available at the low end has really changed over these past months? Options for first-time buyers to get into a good quality home under $200,000 have definitely diminished lately.
My Video: Check out my commentary on housing inventory below (or click here):
More Placer County by Request: I’ll be sharing a bit more Placer County trends in light of many requests. I’ll also be taking a wider focus at times to discuss the overall market in Sacramento, Placer, Yolo & El Dorado County. Graphs will always be clearly labeled. Sound good?
Question: What stands out to you from above?
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If you are a rehabber who flips homes, this market has been fun as of late. Everything that is priced correctly with the market is moving very fast into contract. It’s been nice seeing most of the people buying my inventory under 200K are owner occupied instead of getting multiple offers from just the hedge funds.
That’s good to hear, Matt. Thanks for your take. I think you are very right about “priced correctly” since the market feels very sensitive to price right now. Like Jay Papasan says, you’ve got to be “in the market” instead of “on the market”. I just spoke with a property owner yesterday who was wondering why his house was not selling and had zero offers. It was priced $20K above all other model match sales. 🙂 I’m elated to see more owner occupants. That theoretically brings more stability to lower-income neighborhoods in particular. Thanks again Matt. I always appreciate your take.
Nice overview of the Sacramento market Ryan.
Thanks so much Tom. I’m always trying new ways to show the market. I hope these graphs resonate with folks.
As an local agent, I’ve been watching the market as well, and couldn’t agree with you more. $200k in Sacramento County is comparable to $300 in Placer.
Thanks so much Chad. You are so right about the huge difference between the two counties.